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On Friday, July 13 Dr. Bobbi Stanley presented a course on Small Business Ownership for Dentists to clinicians from across North Carolina. The event was hosted by Live Oak Bank and supported by industry partners.

The course centered on a subject not focused on in dental school—how to run a dental business. While most clinicians are fully confident in their technical abilities, the responsibilities of running a business can be overwhelming. Dr. Bobbi Stanley and her husband and business partner Dr. Robert Stanley have successfully owned one of the North Carolina’s oldest and largest comprehensive dental practices for more than 25 years. “Over the years, I’ve simply had to learn along the way because there were very few business courses for dentists,” said Dr. Bobbi Stanley.

At Stanley Institute, we prompt students to shift their mindset. Dentists must realize they are small business owners offering a service of dentistry. Every dentist owns a small business—associate, partner or sole proprietor. This often means clinicians have two full time jobs and it’s easy to be consumed by your practice. Stanley Institute provides straightforward, sound business information that doctors can use immediately upon return to the office.

Small Business Ownership for Dentists concentrates on:

• Building better teams
• How to financially integrate new technology & techniques into your dental practice
• New patient financing solutions
• More profit & less stress
• Marketing that gets results
• More new patients for your dental practice
• Making the most of tax time and more

Dr. Stanley discussed using tools like Practice Analysis from Henry Schein to honestly evaluate and control overhead and operating expenses to improve net profit. She also reviewed patient financing alternatives with more favorable terms than traditional lenders like Care Credit.

“I love dentistry and I love to see my colleagues succeed. We all became dentists to help as many people as possible. By providing my insight and expertise, I can give back to the field that has given me so much,” stated Dr. Bobbi.

Dr. Bobbi Stanley has been practicing dentistry since graduating from the University of North Carolina School of Dentistry in 1993. She is now an Adjunct Professor of Prosthodontics at her alma mater and was elected a 2017 Leader in Continuing Education by Dentistry Today. Ready to take your dental business to the next level? Join us at our next business course for dental entrepreneurs.

Thinking about implants? Take a look at our distinctly unique implant continuum from Stanley Institute is the global leader in guided dental implant continuing education.

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After more than 20 years of practicing dentistry, two goals have remained; for my patients to be happy and healthy after being in my care. My ideal “dental world” is to save all teeth and help my patients be disease free while providing the highest level of service I can offer. But alas, over the years I have found that the impact of real-world issues such as fear and money tend to stand in the way on a daily basis. Fears some patients experience can be minimized with positive communication, advanced technology, & sedation dentistry, but the issue of money still lingers for many. Let’s face it, advances in technology have allowed us to perform better dentistry, but our discussions on the cost of treatment have remained the same for decades. The cost of treatment can be challenging because while most dentists look at comprehensive dentistry as an investment in yourself, patients often view the treatment presented as an added and unaffordable expense. Asking patients for thousands of dollars for an issue that may not be hurting or seemingly pressing to them can be frustrating and stressful. What options does that leave the dedicated healthcare provider with to help our patients? I have come to realize that patients don’t say no to treatment because of the cost, they say no to treatment because of the amount they are asked to pay at once. (Same idea as buying a car!) We as dentist have intuitively understood this and have been trying to get patients to say yes by offering a treatment plan that is spread out over time. A better solution is offering financial options to help with the amount patients are asked to come up with, but not all financing options are created equal. My practice struggled in the past with choosing a financial option that worked best for our patients and team alike because a number of issues arose.

THE ISSUE

When offering traditional dental financing, I found that many of my patients did not qualify and were left more frustrated than before. I began looking into why this might be happening and found that it’s not that our patients did not have cash flow to make payments but often times, it was that they simply had high debt to income ratio (Well, who does not in today’s society?) Divorce often leads to credit hiccups or perhaps they experienced a foreclosure in the down-turn of the housing market, like 5 million other Americans. In some cases, it had been years since there had been negative credit activity but they were still being penalized with a low credit score which lead to low or no approvals. All of that said, a low credit score does not deem someone as not being unable to pay their bills, it just means that they cannot get financing for their dental needs. Another financial option is to offer payment specials or split the total and offer in-office financing. In-office financing can help patients get much needed and wanted dental services, however, dentists have been warned by financial advisors for years not to lend money to our patients. We have been told that we will be the last paid and maybe not even paid at all and would have to rely on a team member to track down payments whilst accounting for them. Overcoming the issue of money has proved challenging but I finally found an option that worked wonders for my practice.

THE SOLUTION

Two years ago at an annual cosmetic meeting I discovered Comprehensive Finance Inc., an in-house financing company, that changed the way I viewed patient financing. I slipped into one of their seminars and was instantly intrigued by their unique patient financing service. The in-house financing company provides all the information needed to decide who qualifies for financing and what the terms are in order to get a monthly payment that fits comfortably into every patient’s budget. Additionally, I do not have to pay a percentage of my fee to provide the financing for my patients. Here’s how it works. When a patient needs financing for a pro- cedure we collect their information and input the data into their cloud-based system. A quick credit and banking check is run on the patient in order to determine if they are payment worthy by scoring their banking and credit history. Based on the information received, we decide if the patient should have credit extended and what interest rate the patient will be charged. The patient signs the paperwork and Comprehensive Finance takes care of everything else. The payments are automatically withdrawn from the patient’s account and directly deposited into our account every month with interest. This is not an interest free financial option but trust me, the patient is okay with that considering they are not only approved but able to get all their treatment done and fit it into their monthly budget. Now, I know what you are thinking; “What if the patient doesn’t pay? We can’t afford to lose money while trying to help our patients”. This concern is taken care of by collecting a down payment. We always ask our patients for a down payment that covers the “hard costs” of the treatment, meaning any lab fee or large supply fee like with the cost of dental implants. Rarely is a down payment an issue for the patient and can often be taken care of with their dental insurance payments. Remember, these are people who have good paying jobs, they just don’t have big bank accounts. A natural concern is that a patient will forfeit their obligation. We try really hard to lend to A+ patients (remember the credit check will grade the patients for you) but occasionally we will bend the rules and lend to a lesser scored applicant if we feel the patient sees the value in their dental treatment. Comprehensive Finance works diligently to make sure all payments are paid and there are no late payments. If a payment is late, communication is sent to the patient to work out the issues. Luckily, we don’t have to worry with that which allows my team members to focus on the patients within our office instead of spending their time on any financial issues. Our hard costs are covered so the only thing we lose is our time which would have been lost anyway on an empty schedule.

IN CONCLUSION

There are a few reasons why I decided to implement Comprehensive Finance and now have begun offering as the primary patient financing option in my practice. It’s simple really. I wanted to help my patients overcome the money issue and I had the time and space. I was not at 100% capacity in my dental office and had many patients who needed and wanted dental treatment but did not have all of the cash up front. I knew they were good Americans who paid all of their bills on time but didn’t have a viable option to help them. Since I had the capacity to accommodate these patients and knew they were employed and could make payments, I thought, “This could work!” And sure enough, it does. Now we have our empty chair time filled with patients who can and will pay. As an added benefit, we have constant revenue streaming in month after month as patients are paying down their loans and we continue to process more of them which allows my cash flow to be more predictable and helps to compensate for slow months throughout the year or vacation time I wish to take. Not only do I have more financial freedom in my office, my patients who need and want treatment no longer have to fear being denied the dentistry they deserve. With Comprehensive Finance, we can take the money issue out of dentistry and get back to what we went into dentistry to do…. help people!

Article by Dr. Bobbi Stanley; Originally published in DENTISTRY TODAY, MARCH 2016

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It can be maddening; you are all set up for your next hygiene patient and the hour comes and goes with no sign of your patient.  Your highly trained, well-paid hygienist is now stocking supplies instead of helping someone improve their oral (and systemic) health.  It happens more often than any of us care to admit.  Lost opportunities can really add up over the course of a week or month.  Some estimate it could be more than $6 million in lost revenue throughout a dental career. Sometimes the best defense is a good offense. Take the time to implement a few extra steps to help your dental practice run like a finely tuned machine.

Appointment Reminders

Are you taking a one and done approach to reminding patients? Although it takes time to implement a multifaceted appointment reminder system, it will be worth it in the long run.  There are many options available in the marketplace but practice management software like YAPI  (and there are many) can help keep dental appointments top of mind for patients and offer their proven, best practice approach to communicating upcoming visits on various platforms. The purpose is not to annoy your patient but to recognize that life is busy and you are here to help patients get the care they need.

Run a tight ship

On the same note, no one has time to wait on a dental office that is running behind. Not only does this irritate patients, it can position your practice for a bad online review.  In the mind of the patient, it also discredits you as a doctor. Be a wo/man of your word.

• Keep regular hours that patients can consistently rely on. It frustrates patients to call an office that says it is open and yet they cannot get anyone on the phone.
• Do not reschedule patients unless absolutely necessary and do not overbook.
• Consider a prepayment discount–it is a service for patients and gives them a greater sense of commitment to honoring the appointment

Patients are following your lead, be certain you are setting the right example.

Be nice

This may seem obvious but people do business with people they like.  And you are running a business, the service you offer is dentistry. We suggest the four-minute rule in our dental practice. Clinicians spend about 4 minutes discussing anything other than teeth. We always try to keep conversation light and positive but take a genuine interest in the lives of our patients. This type of rapport can go a long way if your schedule gets derailed and a patient is not seen at their appointment time. As a general rule, people will try not to disappoint people they like. Be likeable and ensure that your team is doing the same.

Be kind but firm

When patients continue to disrespect your time, you have to show them that you are serious about respecting their time, the well-being of your team and time of your other patients with a set cancellation policy and subsequent fee. This is often enough to stop them from becoming repeat offenders.

As hard as you work to attract patients, sometimes you have to let go. It is a difficult decision to dismiss a patient. However, you must ask yourself- are you actually benefitting from a repeat no show offender? Work with your partner, a business consultant or your office manager to determine the threshold for dismissal.

Want more information on how to be the master of your dental practice schedule? Join Dr. Bobbi Stanley at her next Dental Entrepreneur Summit!

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We have all been there. You have called on your training, delivered amazing patient care in your state of the art office and given a brilliant treatment plan that will produce a beautiful solution to your patient’s problem. After all, you are a trained dentist and your ultimate goal is to help this person look and feel better. All that remains is for the patient to say yes to your advice. Sounds easy right?  And yet, you are getting more “I’ll think about it” than “Yes, doctor. Sign me up!”

No one has 100% case acceptance and that is ok. You must realize that you cannot win them all. There are people who will choose to do nothing, some will price shop and go with the cheapest fix in town and there are folks that are just not ready to move forward right now. You must recognize this and adjust what you can influence—your delivery.

Know your patient

Listen to your patient’s reasons for the visit. Is it utility? Cosmetic concerns?  Something else? It is easy to project your own thoughts into the conversation—and they may be irrelevant to your patient. When you understand your patient’s motivations, you can address them specifically in your treatment plan.

Be the authority your patient thinks you are

Whatever the reason— an advertisement, a referral or your fancy website, this patient chose you because you are an authority. Do not make them question their decision to find a dental solution by being wishy-washy. Even if the ink is not yet dry on your dental school diploma, BE THE AUTHORITY! Deliver your plan with confidence. You are a doctor giving your best recommendation for treatment. Whether cosmetic or restorative, the patient is seeking a resolution—show them the way!

Be succinct

No one wants a data dump. In our dental practice, we limit plans to three options—good, better, best. This provides clear direction for the patient to make a decision and helps to avoid analysis paralysis.  Use the “Just the facts ma’am” approach. Very few patients care about the science behind the solution—get to the point.

Do not “sell”, be FABulous!

In the same way no one wants an information overload, no one appreciates being “sold” on something. When purchasing real estate, the buyer wants a lifestyle; they do not want to be sold brick and mortar.  Patients want to know the end result and how it will benefit them, not necessarily how you will achieve these results. Instead of “selling”, focus on:

Feature:  Fully Guided Dental Implants

Advantage: Predictable, tooth replacement that can last for a lifetime

Benefit: It looks, feels and functions like natural teeth.

Buying decisions are made with emotion and justified with logic

People buy based on emotion and dentists are the only ones that get excited about dental technology. When presenting treatment, you want your patient to imagine a happier life free of dental pain, missing teeth or a displeasing smile. Paint that picture vividly for them. Use your words, visual aids such as patient portraits displayed around your dental clinic and a smiling, well-groomed team to underscore the value of the smile you can deliver.

Stop talking.

Many people are uncomfortable with silence but you must stop speaking so the patient can digest the information you have just given. It does not matter how concise your presentation, most patients will need a minute to think about your discussion and form an opinion.

Listen up!

It seems illogical to embrace objections but that is exactly what you must do. When someone objects or raises a question, you are on your way to acceptance. You read that right—objections represent interest.  When a patient objects:

Listen.

Empathize.

Validate the concern.

Overcome the obstacle.

You are not alone. Many new dentists and seasoned clinicians find it difficult to discuss expensive dentistry with patients. Adopting these simple tips can help you confidently deliver treatment plans that accomplish your ultimate goal—helping people live pain-free, happy lives.

Are you ready to take your dental business to the next level? Join nationally renowned speaker Dr. Bobbi Stanley at her next Business for Dentists course

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It is really easy to focus on getting new patients. Isn’t that the metric all dentists should care about most? Short answer, not necessarily. While renewing your practice with a steady stream of new patients is vital to your success, keeping your current patients is equally, if not more important. Statistics show that it is six to eight times more expensive to attract new patients than to keep existing patients.

Realize that patient retention is your #1 marketing strategy

As dentists it is easy to get sucked into one scheme after the other to get dozens of new patients every month. Of course you need to be adding new patients to the roster to balance the number of patients you will lose due to unavoidable reasons (moving, death, etc). What about the patients that could be saved? Is there anything you can do? YES! There are many small steps you can take to make a BIG difference; and your efforts should begin well before patients are asking you to transfer their records.

Why do patients choose you (and continue to choose you) for their dental care?

Let’s face it—dentistry is expensive.  No one wants to spend money on dental work.

Experience tells us that people choose to spend based on two things: how we make them feel and/or a viable solution to their issue. For dental concerns, we can definitely solve problems, but do we make them feel content and valued in the process? The patient experience is everything—make a great impression from Day 1!

From their first contact, make their experience astonishingly great!  

Six tips for keeping patients for life:

1. Make your website professional- It’s 2019, there really is no excuse.
2. Have a live person answer the phone–how many times have you hung up on a voicemail vortex?
3. Know your patient’s names–use whatever trick is necessary. From software that includes patient pictures to the old school version of having an assistant prep you before you enter the operatory, there is no excuse and the effort is definitely noticed by the patient.
4. Be prompt. Patients should not have to wait to see the doctor—run your schedule efficiently.
5. No surprises at checkout- always inform before you perform.
6. Care enough to call– take a few minutes everyday to check in on patients that have had a procedure requiring anesthetic or sedation dentistry.

Try these pro tips for patient retention and let us know what you would add! Comment on our Facebook page or shoot us an email with your best ideas for keeping patients for life!

Looking for more? Try one of our business courses for dentists or consider inviting our doctors to speak to your dental study club.

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Stanley Institute for Comprehensive Dentistry is pleased to announce that Dr. Robert Stanley, co-founder and Lead Implant Continuing Education Instructor has earned the distinction of Diplomate with the American Board of Oral Implantology/Implant Dentistry (ABOI). He joins an elite group of fewer than 500 dentists bearing this honor.

The ABOI was founded in 1969 by the American Academy of Implant Dentistry (AAID) with the goal of elevating and standardizing the metrics, skills and abilities of Dental Implantologists in the United States through a rigorous certification and ongoing certification maintenance for qualified dentists. It is considered the premier implantology certifying body and is recognized by the American Board of Dental Specialties (ABDS).

ABOI Diplomate status is the highest level of achievement in implant dentistry. Diplomate certification requires:

• Active dental license in the US/Canada
• 7 or more years of implant dentistry experience
• completion of 75 implant cases
• successful completion of Part 1 and Part II of ABOI examination

Dr. Stanley began his professional career as a mechanical engineer and later returned to school to study dentistry and join his wife, Dr. Bobbi Stanley, in private practice in Cary NC. Their comprehensive approach to family dentistry allows him to focus on dental implants and oral surgery while she practices cosmetic dentistry and orthodontics. His uncommon perspective on dentistry combines his training in engineering with his knowledge of dentistry and dental implants. Together Drs. Stanley are able to plan and execute dental implants from start to beautiful finish for patients. In the classroom, they are able to teach other dentists how to provide the same standard of care for their patients.

In addition to placing implants for more than a decade, Dr. Stanley attended a yearlong course continuum at the Dental College of Georgia in 2017 to prepare for the written exam and oral case defense in March of 2018. The ABOI/ID exam assesses the knowledge, acumen and proficiency in implant placement with a rigorous exam—both written and oral—that tests all facets of implant dentistry. Students must prove competency in both surgical and restorative implant dentistry, as well as dental implant maintenance, to successfully complete the examinations, even if they do not practice in each of these areas of focus.

Dr. Robert Stanley is a lifelong learner. ABOI Diplomate status is the latest accolade Dr. Stanley has earned in his ongoing commitment to excellence in dentistry. He is also a Diplomate with the International Congress of Oral Implantologists, certified by the Dental Organization of Conscious Sedation (DOCS) and an Adjunct Professor of Prosthodontics at his alma mater, University of North Carolina at Chapel Hill School of Dentistry.

Dr. Rob said, “I look forward to continuing to share my passion for dentistry and engineering with Stanley Institute students looking for world class dental implant continuing education (CE). I absolutely subscribe to the ABOI motto, ‘Simply the Best, Forget the Rest’.”

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